The general manager of CFL group, Lai Omotola, says some ministers in President Muhammadu Buhari’s cabinet have to go for the government to succeed.
CFL group general manager said this during an interactive session with journalists in Lagos, Nigeria’s commercial city on Thursday.
Omotola said some policies of the current administration have had a negative effect on the country, adding that to say the economy is challenged is an understatement.
“The truth of the matter is that our economy is dangerously moving downwards. Every nation depends on a strong economy to have peace. Nigeria cannot be an exception. The current economic challenges we face are caused by four ministers and a governor,” he said.
“There’s a fundamental problem with our president, in everything in life, one is not supposed to know everything in life but the chief executive is supposed to know those that know.
“I don’t have to know everything about the economy but I should be able to spot people that know and will deliver.”
Omotola also faulted President Muhammadu Buhari on the economy, listing steps he feels the president ought to have taken.
“The issue of economy is the major weakness of our president and it’s too late for him to acquire the skills,” he said.
“There’s nothing so difficult about the economy of Nigeria. The Nigerian economy is an economy that is simple to handle and you asked what I would do differently.
“First thing I will do is to sack these ministers… the president of the nation that was voted for must have a blueprint, an economic philosophy that the CBN must align with.”
Omotola said economic prosperity cannot be based on a “cut and paste of IMF and World Bank economic model”.
“The model is hinged on heavy investment on infrastructure. In as much as this is good, the impact on our economy has been little. The problem is that we can not just say to ourselves that by just doing one thing, the economy will come out better,” he said.
“When you listen to this government reel out its achievements, the first thing they mention is infrastructure.”
Omotola also lamented over the effect of government policies on the private sector.
“The federal government has taken a lead in doing business instead of allowing the economy be driven by the private sector not knowing that the wealth of the citizens is the wealth of the nation,” he said.
“The purchasing power of people has been greatly eroded. Today, our economy has been reduced to a pedestrian/penchant economy as exemplified by trader moni of N5,000,000.00.”